Legislation that would put a cap on state spending while also linking the growth of state spending to the growth in the state’s economy is being pushed by State Sen. Dale Righter.
Righter is co-sponsoring SJRCA 21 to ensure state spending can only increase if the state’s economy can support it.
“Limiting the growth of government is the best way to curb the appetite for further tax increases,” Righter said. “By extension, that leaves more money in taxpayers’ pockets – a reform that can attract job creators here, keep families here, and boost local and state economies – all things our state desperately needs. This legislation is not only a way to restrain state government, a government that under Democrat leadership has fiscally gone off the rails, it’s also a sound economic reform that can fundamentally move Illinois forward.”
Illinois is facing the nation’s highest unfunded pension liability to the tune of $130 billion and a bill backlog approaching $9 billion. In addition, Illinois has lost population for four straight years, falling from fifth most populated to sixth most populated in the country in 2017.
Highlighting the need for reforms that will boost Illinois’ economy and create jobs, Righter points to the fact that if Illinois sustained just average economic growth from 2002 to today, the state would have received about $20 billion worth of additional revenue.
“A combination of yearly overspending and a lack of job-creating and economic reforms for two decades has created a fiscal crisis that has impacted every citizen,” Righter said. “We must completely rework the way Illinois government operates. Capping the growth of spending and passing real economic reforms – that can fuel the economy.”
SJRCA 21 is awaiting a Senate committee assignment.